SOUTHFIELD, Mich., April 29,
2024 /PRNewswire/ -- Lear Corporation (NYSE: LEA), a
global automotive technology leader in Seating and E-Systems, today
announced that it has entered into a definitive agreement to
acquire WIP Industrial Automation ("WIP"), a privately held systems
integrator based in Spain that
specializes in advanced automation solutions for industrial
applications. The transaction, subject to regulatory approvals and
other customary closing conditions, is expected to close by the
third quarter of 2024.
WIP, a long-time Lear supplier with 25 years of automation
experience, develops, integrates, and deploys cutting-edge
technologies to create customized automation solutions for
manufacturing applications. WIP brings strong robotics and AI-based
computer vision capabilities to Lear, which are important for
safety, quality, and efficiency in a modern manufacturing
environment. WIP positions Lear to operate more efficiently,
thus allowing the company to navigate current macroeconomic
challenges, such as elevated wage inflation, more effectively.
This acquisition will be the latest of Lear's strategic
investments designed to broaden its global automation and digital
capabilities and builds on the company's successful integration of
ASI Automation ("ASI"), Thagora Technology SRL ("Thagora"), and
InTouch Automation ("InTouch"). The collective expertise of WIP,
ASI, Thagora, and InTouch equip Lear with a robust portfolio of
automation solutions and technical knowledge that span all critical
areas of the manufacturing process and will accelerate innovation
in the development of next-generation automation
technologies.
"WIP brings valuable manufacturing engineering capabilities that
are essential to advancing innovative automation solutions across
our global operations," said Ray
Scott, Lear President and CEO. "This acquisition will
support Lear's long-term strategy to strengthen our market
leadership through operational excellence. We are thrilled to
welcome the WIP team to the Lear family."
"This transaction gives WIP a unique opportunity to become part
of a world-class automotive company, marrying WIP's expertise in
robotics and AI technologies with Lear's industry-leading knowledge
in product design, engineering, and manufacturing processes," said
Ángel Rodríguez Fernández, WIP CEO and co-owner. "Having valued
Lear as a customer for many years, we are excited to join the Lear
family and look forward to continuing to develop new innovations
that leverage our combined capabilities."
About Lear Corporation
Lear, a global automotive
technology leader in Seating and E-Systems, enables superior
in-vehicle experiences for consumers around the world. Lear's
diverse team of talented employees in 38 countries is driven by a
commitment to innovation, operational excellence, and
sustainability. Lear is Making every drive better™ by providing the
technology for safer, smarter, and more comfortable journeys. Lear,
headquartered in Southfield,
Michigan, serves every major automaker in the world and
ranks 189 on the Fortune 500. Further information about Lear is
available at lear.com.
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SOURCE Lear Corporation